Monthly Bulletin July 2009 - Banque de France

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DOCUMENTS PUBLISHED “Euro area balance of payments and international investment position statistics – Annual quality report”, March 2008 (online only). “ECB statistics quality framework (SQF)”, April 2008 (online only). “Quality assurance procedures within the ECB statistical function”, April 2008 (online only). “ECB statistics – an overview”, April 2008 (online only). “TARGET Annual Report 2007”, April 2008 (online only). “Financial integration in Europe”, April 2008. “Financial Stability Review”, June 2008. “Labour supply and employment in the euro area countries: developments and challenges”, June 2008. “The international role of the euro”, July 2008 (online only). “Payment systems and market infrastructure oversight report”, July 2008 (online only). “Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament”, July 2008 (online only). “Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament”, July 2008 (online only). “Legal framework of the Eurosystem and the ESCB. ECB legal acts and instruments”, July 2008. “CCBM2 User Requirements 4.1”, July 2008 (online only). “Simulating financial instability – conference on stress testing and financial crisis simulation exercises, 12-13 July 2007”, September 2008. “New procedure for constructing ECB staff projection ranges”, September 2008 (online only). “Commission’s draft directive/regulation on credit rating agencies – Eurosystem contribution to the public consultation”, September 2008 (online only). “Euro money market survey”, September 2008 (online only). “EU banking structures”, October 2008 (online only). “Letter from the ECB President to Mr Mario Borghezio, Member of the European Parliament”, October 2008 (online only). “Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament”, October 2008 (online only). “A strategic vision for statistics: challenges for the next 10 years – Fourth ECB Conference on Statistics, 24 and 25 April 2008”, November 2008. “The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures”, November 2008. “The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of ‘legally and operationally located in the euro area’ ”, November 2008 (online only). “Single Euro Payments Area – sixth progress report”, November 2008 (online only). “EU banks’ liquidity stress-testing and contingency funding plans”, November 2008 (online only). “Government finance statistics guide”, December 2008 (online only). “Financial Stability Review”, December 2008. “Covered bonds in the EU financial system”, December 2008 (online only). “The incentive structure of the ‘originate and distribute’ model”, December 2008 (online only). “Recommendations of the Governing Council of the European Central Bank on the pricing of recapitalisations”, December 2008 (online only). “Recommendations of the Governing Council of the European Central Bank on government guarantees for bank debt”, December 2008 (online only). “Commercial property markets – financial stability risks, recent developments and EU banks’ exposures”, December 2008 (online only). ECB Monthly Bulletin July 2009 IX
“Correspondent central banking model (CCBM) – procedures for Eurosystem counterparties”, December 2008 (online only). “Letter from the ECB President to Mr Robert Sturdy, Member of the European Parliament”, January 2009 (online only). “Euro money market study 2008”, February 2009 (online only). “Eurosystem oversight policy framework”, February 2009 (online only). “Harmonised oversight approach and oversight standards for payment instruments”, February 2009 (online only). “European Commission’s consultation on hedge funds – Eurosystem contribution”, February 2009 (online only). “Guiding principles for bank asset support schemes”, March 2009 (online only). “Letter from the ECB President to Mr José Ribeiro e Castro, Member of the European Parliament”, March 2009 (online only). “Letter from the ECB President to Mr Dimitrios Papadimoulis, Member of the European Parliament”, March 2009 (online only). “Letter from the ECB President to Mr Manolis Mavrommatis, Member of the European Parliament, regarding the issuance of low denomination euro banknotes”, March 2009 (online only). “Letter from the ECB President to Mr Eoin Ryan, Member of the European Parliament, concerning the recent widening of spreads between euro area government bond yields”, March 2009 (online only). “Eurosystem’s SEPA expectations”, March 2009 (online only). “Housing finance in the euro area”, March 2009 (online only). “Euro area monetary and financial statistics: 2008 quality report”, March 2009 (online only). “Euro area balance of payments and international investment position statistics: 2008 quality report”, March 2009 (online only). “Manual on investment fund statistics”, May 2009 (online only). “EU banks’ funding structures and policies”, May 2009 (online only). “Letter from the ECB President to Mr Ashley Mote, Member of the European Parliament”, May 2009 (online only). “TARGET2 oversight assessment report”, May 2009 (online only). “TARGET Annual Report”, May 2009 (online only). “The ECB’s advisory role – overview of opinions (1994-2008)”, May 2009. “Financial Stability Review”, June 2009. INFORMATION BROCHURES “The European Central Bank, the Eurosystem, the European System of Central Banks”, April 2008. “Price stability – why is it important for you?”, June 2008. “A single currency – an integrated market infrastructure”, September 2008. “The European Central Bank, the Eurosystem, the European System of Central Banks”, April 2009. “Price stability – why is it important for you?”, April 2009. X ECB Monthly Bulletin July 2009
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EN 0712009 EUROPEAN CENTRAL BANK MO
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© European Central Bank 2009 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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Risks to the outlook for inflation
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ECONOMIC AND MONETARY DEVELOPMENTS
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ARTICLES THE IMPACT OF GOVERNMENT S
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others also take into account the r
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exceeds the market price, a capital
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4 THE IMPACT ON GOVERNMENT BOND YIE
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yield differential to Germany despi
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5 IMPLICATIONS FOR FISCAL SUSTAINAB
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THE IMPLEMENTATION OF MONETARY POLI
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to loans with shorter maturities to
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Chart 2 Average daily reserve surpl
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In pre-turmoil times, such allotmen
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Chart 5 US dollars provided by the
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in Chart 7, which shows that lendin
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Chart A The EONIA, the euro interba
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euro-denominated covered bonds issu
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Table 1 Two-group rotation system (
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for each governor; (ii) transparenc
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Chart C The three-group rotation sy
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7. The share of each national centr
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EURO AREA STATISTICS ECB Monthly Bu
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6.3 Change in debt S57 6.4 Quarterl
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1 MONETARY POLICY STATISTICS 1.1 Co
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1), 2) 1.3 Eurosystem monetary poli
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2 MONEY, BANKING AND INVESTMENT FUN
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2.3 Monetary statistics 1) (EUR bil
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1), 2) 2.4 MFI loans, breakdown (EU
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1), 2) 2.4 MFI loans, breakdown (EU
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1), 2) 2.5 Deposits held with MFIs,
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1), 2) 2.6 MFI holdings of securiti
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2.8 Currency breakdown of selected
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2.9 Aggregated balance sheet of eur
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3 EURO AREA ACCOUNTS 3.1 Integrated
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3.1 Integrated economic and financi
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3.2 Euro area non-financial account
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3.3 Households (EUR billions; four-
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3.5 Insurance corporations and pens
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4.2 Securities, other than shares,
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4.3 Growth rates of securities, oth
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4.4 Quoted shares issued by euro ar
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4.5 MFI interest rates on euro-deno
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4.6 Money market interest rates (pe
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4.8 Stock market indices (index lev
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5.1 HICP, other prices and costs (a
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5.2 Output and demand 1. GDP and ex
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